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Bid Summary
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Cooperative Bank
Wilmington, NC
Closing Date: June 19, 2009
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Winning Bidder:
First Bank, Troy, NC
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Winning Bid:
All deposits, whole bank with loss share – Asset Discount
of $123 million, Deposit Premium 0%.
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Cover (second place)
Bidder:
First Citizens Bank & Trust Company, Raleigh, NC
Cover
Bid:All deposits, whole bank with loss share – Asset discount of $140 million,
Deposit Premium 0%
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Other Bidder Names:
None.
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Other Bids:
None.
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Notes:
-The winning bidder’s acquisition of all the deposits was the least costly
resolution compared to a liquidation alternative and the other bids. The
liquidation alternative was valued using valuation models to estimate the
market value
of the assets. The bids for loss share were valued using a discounted cash
flow analysis for the loss share portfolio over the life of the loss share
agreement.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html |
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